The higher-than-anticipated US core Consumer Price Index (CPI) reading was followed by a decline in Bitcoin (BTC) price as it tumbled almost 1.5% to $56,168 at press time.
US Headline CPI Matches Forecast, Core CPI Exceeds It
US headline CPI, the metric typically used to assess the inflation rate in the country, came in according to expectations at 0.2% month-over-month (MoM), and 2.5% year-over-year (YoY) for August 2024. However, core CPI (MoM) printed 0.3%, slightly higher than the 0.2% forecasted by economists.
For the uninitiated, the difference between the headline CPI and core CPI is the constituents of the basket of items they assess. While the headline CPI measures all item categories, including housing, transportation, services, medical care, food, and energy, core CPI excludes food and energy prices to give a more stable view of underlying inflation trends.
By removing the price of volatile items from its calculation, core CPI is often considered a more accur
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